Tesla's annual electric car sales fell for the first time in more than decade

Elon Musk's Tesla sold 1.79 million electric cars in 2024, down from 2023 and below analysts' forecasts.

Bloomberg wrote about this, Economic Pravda reported.

The publication said that annual sales fell for the first time in more than a decade, despite a positive trend at the end of the year.

"The results are a sobering reminder of the real challenges for electric car manufacturers, even as the hype around self-driving cars and Musk's closeness to Trump have sent Tesla shares soaring in recent months.

Sluggish consumer demand is weighing on electric car sales, and this problem could worsen due to Trump's desire to limit incentives for electric cars," Bloomberg reported.

The company's shares have risen 63% in 2024.

The company delivered 495,570 vehicles in the quarter ended on December 31, missing analysts’ expectations of 512,277.

To meet its goal of “slight” growth for the full year, the company needed to sell nearly 515,000 vehicles in the fourth quarter.

Tesla has faced a series of setbacks in 2024, including a fire at its Berlin factory, supply diversions and an industry-wide slowdown in electric vehicle sales, according to Bloomberg.

During Tesla’s latest investor call, Elon Musk said he expected growth of 20% to 30% this year, thanks in part to a more affordable car expected to be introduced in the first half of the year and the company’s autonomous technology.

Meanwhile, Chinese rival BYD sold 4.25 million electric and hybrid models last year, closing its gap with Tesla as the leading electric car manufacturer.

As Ukrainian News Agency earlier reported, global sales of electric cars - both fully electric and hybrid - rose 32.3% to 1.83 million in November.

Shares of Chinese electric car maker BYD rose 1% in October, outpacing Tesla shares, which fell 17%.

Elon Musk has become the first person in the world to surpass USD 400 billion in wealth.